RE: Going up14 Apr 2021 16:27
The Glencore share price is rising today helped by the strong commodity prices and the company’s carbon capture deal. It has risen by more than 2.45%, making it the best performer in the FTSE 100. Other commodity companies like Antofagasta, Anhlo American, and BHP Group have equally done well.
What happened: After days of consolidation, commodity prices surged after the latest US consumer price index (CPI) data. The headline consumer price index surged to 2.6% in March, the fastest pace since 2018. This performance was due to the relatively higher prices.
While the CPI was above estimates, analysts believe that the Federal Reserve will not intervene and hike interest rates. Indeed, the dollar index and the US Treasury yields declined after the CPI numbers. This is usually a positive thing for commodities and miners like Glencore. Indeed, the Bloomberg Commodity Index has jumped by more than 0.60%.